Annual report pursuant to Section 13 and 15(d)

Leases

Leases

12 Months Ended

Dec. 31, 2013

We lease certain office equipment under a capital lease which expires in 2016. We also lease office space in Ohio under an operating lease that expires in October 2022 and office space in Massachusetts under an operating lease that expires in March 2014.

The future minimum lease payments for the years ending December 31 are as follows:



	Capital Leases		Operating Leases
2014	$	3,039	$	288,900
2015	3,039		266,456
2016	2,279		272,428
2017	—		278,564
2018	—		284,886
	8,357		$	1,391,234
Less amount representing interest	1,427
Present value of net minimum lease payments	6,930
Less current portion	2,225
Capital lease obligations, excluding current portion	$	4,705

Total rental expense was $400,000, $211,000 and $154,000 for the years ended December 31, 2013, 2012 and 2011, respectively.

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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